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Sustaining the Legacy: Estate Planning and Farm Transitions

Sustaining the Legacy: Estate Planning and Farm Transitions. Goals for South Dakota Programming Efforts. Goals:. Increase Communication in the family. Provide you with tools. Remove some of the mystery . Get you motivated, and keep you motivated . What have we done?. What has been done? .

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Sustaining the Legacy: Estate Planning and Farm Transitions

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  1. Sustaining the Legacy: Estate Planning and Farm Transitions

  2. Goals for South Dakota Programming Efforts

  3. Goals: • Increase Communication in the family

  4. Provide you with tools

  5. Remove some of the mystery

  6. Get you motivated, and keep you motivated

  7. What have we done?

  8. What has been done? Aberdeen (2) Watertown Flandreau Huron Milbank Redfield Brookings (2) Sioux Falls (2) Parker Mitchell (2) Yankton Chamberlain Mobridge Elk Point Pierre Onida Winner Philip Lemmon Rapid City 337 Families-2008 to 2013 Individual Producers Network of Experts

  9. Attorneys • Estate Planners • Tax Advisors • Retirement Fund Managers • Life Insurance Agents • Long Term Care Agents • SD Dept of Social Services • SD Dept of Agriculture • Funeral Home Directors Network of Experts

  10. Has it worked?

  11. When I attended the Estate Planning/Farm Transitions Conference I had an Estate Plan in place. • I have made changes to my Estate Plan since attending. • I have made changes to my Farm Transition Plan since attending.

  12. These changes included: (check as many as needed)

  13. At this time we consider our Estate Plan ___% finished. • Keep in mind these results include participants from 2008, 2009, 2010, 2011 and 2012. The 2012 group of participants have only been out of the conferences for two months. *Percentages will not equal 100 due to rounding. • Eighty percent of the participants considered themselves 25% or more completed with their estate plans and 39% considered themselves 75% or more completed with their plans.

  14. At this time we consider our Farm Transition Plan ___% finished. • Keep in mind these results include participants from 2008, 2009, 2010, 2011 and 2012. The 2012 group of participants have only been out of the conferences for two months. *Percentages will not equal 100 due to rounding. • Of the participants that have an heir coming back to the operation, 74% consider their transition plan 25% or more completed, and 34% consider it 75% or more completed.

  15. Things we have done different.

  16. All face-to-face meetings • 3 or 4 day sessions • Homework • Industry professionals as speakers

  17. What’s next?

  18. Publication Series • On-line version • Pod Casts • Face-to-Face • Personal One-on-One • Continued funding Next….

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